Posted by Harvard University on July 7, 2014
State of the Nation’s Housing 2014
The U.S. housing recovery should regain its footing, but also faces a number of challenges, concludes the 2014 State of the Nation’s Housing report. Tight credit, still elevated unemployment, and mounting student loan debt among young Americans are moderating growth and keeping millennials and other first-time homebuyers out of the market.
With promising increases in home construction, sales, and prices, the housing market gained steam in early 2013. But when interest rates notched up at mid-year, momentum slowed. This moderation is likely to persist until job growth manages to lift household incomes. Even amid a broader recovery, though, many hard-hit communities still struggle and millions of households continue to pay excessive shares of income for housing
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